MediWound (MDWD) Q1 2025 earnings summary

Executive summary

• Entered 2025 with strong execution across clinical, commercial, and operational priorities, maintaining momentum from 2024.

• Q1 2025 revenue was $4 million, with full-year revenue guidance maintained at $24 million.

• SCRX/EscharEx value-based restudy for venous leg ulcers is progressing as planned, with global trial enrollment underway and interim analysis expected mid-2026.

• Strategic collaborations expanded to include nearly all major wound care companies, notably Kerecis, enhancing clinical research and commercialization.

• NexoBrid adoption is growing globally, with record U.S. sales and high demand in Japan and Europe; manufacturing expansion is on track for full operational capacity by year-end 2025.

Financial highlights

• Q1 2025 revenue was $4 million, down from $5 million in Q1 2024, mainly due to lower BARDA-funded development services.

• Gross profit was $0.7 million (19% margin), up from $0.6 million (12% margin) year-over-year.

• R&D expenses rose to $2.9 million from $1.5 million, reflecting investment in SCRX trials.

• Operating loss increased to $5.2 million from $3.7 million in Q1 2024.

• Net loss narrowed to $0.7 million ($0.07/share) from $9.7 million ($1.05/share), mainly due to non-cash warrant revaluation.

• Adjusted EBITDA loss was $4 million, compared to $2.9 million in the prior year.

• Cash and equivalents were $38.7 million as of March 31, 2025, down from $43.6 million at year-end 2024.

Outlook and guidance

• Revenue guidance for 2025 remains at $24 million, with $30–33 million projected for 2026.

• No anticipated material impact from BARDA or DoD funding delays; all programs are back on track.

• SCRX/EscharEx phase III trial enrollment is on track, with interim data expected mid-2026.

• New manufacturing facility expected to be operational by end of 2025, with regulatory approvals and commercial availability in 2026.

• Head-to-head Phase II study with EscharEx to start in H2 2025.